Fannie Mae and Freddie Mac have announced record multifamily investments of about $36 billion and $22.6 billion, respectively, for 2003.Fannie Mae said more than 85% of the multifamily units it financed last year were affordable to families at or below the median income in their communities. The government-sponsored enterprise said it committed $1.7 billion in multifamily equity investments that qualify for the federal Low Income Housing Tax Credit. Freddie Mac said its flow funding volume jumped from $2 billion in the first half of 2003 to nearly $7 billion by year end. It attributed the surge to changes in its pricing as well as product improvements such as alternative yield maintenance schedules and built-in interest rate caps for adjustable-rate mortgages. The GSEs can be found online at http://www.fanniemae.com and http://www.freddiemac.com.

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